Monday, January 15, 2007

IRS Processing delay for Sales Tax Deductions until Feb 3

-SALES TAX DEDUCTION-
If you plan to claim a sales tax deduction or any of the other “extender” provisions, the IRS will not process your return until Feb 3. This applies to both e-file and paper tax returns.
This is to allow the IRS enough time to update its systems to accommodate the tax law changes.
Taxxcpa comment: If you live in Texas or any other state with no state income tax, you are highly likely to have a sales tax deduction and possibly one of the other extender items.

To download amounts allowable for your state go to pages 5 thru 7 of Publication 600 at http://www.irs.gov/formspubs/index.html
You can add an additional amount to the amounts shown in the tables for specific large purchases. Also you can increase the amount if your city, county or other local agency imposed a sales tax. For example, the Texas State tax is 6.25%, but I pay 8.25% total sales tax, so I would divide 8.25 by 6.25 and use the result (1.32) and multiply the amount on the table by 1.32.

LINKS and References – go to
IRS References

To Contact me taxxcpa2007@hotmail.com

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This information is not intended to be advice to the recipient. In compliance with Treasury Department Circular 230, unless stated to the contrary, any Federal Tax advice contained in this Blog was not intended or written to be used and cannot be used for the purposes of avoiding penalties.

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